Alabama only has $10.5 billion of assets available to pay bills totaling $25.8 billion.

Because Alabama doesn't have enough money to pay its bills, it has a $15.2 billion financial hole. To fill it, each Alabama taxpayer would have to send $11,800 to the state.

Alabama's reported net position is inflated by $1.1 billion, largely because the state defers recognizing losses incurred when the net pension liability increases.

Despite a recently implemented accounting standard meant to increase transparency, Alabama still excludes $255.1 million of pension debt from its balance sheet. In addition, the state is still hiding $7.7 billion of its retiree health care debt. A new accounting standard will be implemented in the 2018 fiscal year which will require states to report this debt on the balance sheet.

As of August 1, 2018 Alabama still had not released its 2018 annual financial report, making it the most untimely state in the nation.